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London pushes ahead with electronic claims file

The London market’s first fully paperless claim settlement has been completed between reinsurance broker Guy Carpenter and Lloyd’s insurer Amlin.

The companies were using the fully implemented electronic claims file (ECF) and said all new claims transactions between them would be conducted in a completely paperless environment, significantly enhancing client service. The transaction followed soon after the Market Reform Group (MRG) announced it had reached agreement with key market bodies on the procedural rules which will underpin use of the Insurers’ Market Repository (IMR).

Lloyd’s CEO Richard Ward recently told the market he wants to see all claims transacted electronically by the end of next year, and will take action if necessary to ensure that the ECF is adopted. As one of the first intermediary/reinsurer trading relationships to offer ECF, a key component of the broader London Market reform process, Guy Carpenter and Amlin will now be able to process and conduct all new claims transactions in a completely paperless environment, significantly enhancing client service.

As Guy Carpenter previously announced, ECF radically improves the current London claims process, which requires reinsurance brokers to ship paper documents from regional offices to London and then distribute them by hand for review and agreement by underwriters, resulting in service delays and the inability for all parties to easily and efficiently access claim information.

“Innovations in technology have made it possible to conduct almost any type of business transaction more effectively, more consistently and above all more efficiently than more traditional means. Guy Carpenter is proud to be at the leading edge of these initiatives and will continue to assist the London Market to maximise these developments within the Reform Programme. Our trading relationships and the natural progression to a paperless environment represents a major milestone for London, Guy Carpenter and client servicing,” said Geoff Bromley, Guy Carpenter’s chairman of European and Asian operations.

David Turner, Amlin’s claims manager, commented: “Amlin is committed to leading in all aspects of process change, from pre-placement to claims settlement, working with our brokers to provide better quality service to our clients. As the global insurance market becomes more transparent, we anticipate that differential service standards will prove a key factor in the selection of both broker and risk carrier.”

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